Number of traders net-short has decreased by 35.50% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
GBP/USD | BEARISH | 50.82% | 49.18% | 25.58% 30.82% | 15.41% -35.50% | 20.37% -13.11% |
GBP/USD: Retail trader data shows 50.82% of traders are net-long with the ratio of traders long to short at 1.03 to 1. In fact, traders have remained net-long since Feb 04 when GBP/USD traded near 1.37, price has moved 2.20% higher since then. The number of traders net-long is 25.58% higher than yesterday and 30.82% higher from last week, while the number of traders net-short is 15.41% higher than yesterday and 35.50% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
Our data shows traders are now net-long GBP/USD for the first time since Feb 04, 2021 when GBP/USD traded near 1.37. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.
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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2021/03/01/GBPUSD-IG-Client-Sentiment-1123.html
By: Research
